African oil-producing countries have been urged to adopt the local content model as an economic development model to create local participation in the investment, production, and wealth distribution in the sector.
Sylva who commended the Boarf, for initiating the African Roundtable said, the objective of this pan-African Roundtable is to institutionalize peer review mechanism among Oil-producing countries on local content as a key development imperative for domestication and sustainable growth of Africa’s hydrocarbon resources.
“Any country that aspires to achieve rapid and sustainable economic growth must put in place an economic model that enables its human capital to harness its natural resources to create wealth and economic prosperity.
“Nigeria embraced this model by adopting local content as an economic development model for the oil and sector, in view of its abundant hydrocarbon resources estimated at 37 Billion barrels of crude oil and 202 TCF of gas reserves.
“We define local content as value added to or created in the Nigerian economy by a systematic development of capacity and capabilities, through deliberate utilization of Nigerian services, human and material resources in the Nigerian oil and gas industry.
“Through implementation of local content we have achieved significant growth in-country value addition from less than 5% in 2010 to 35% in 2021 and we have set an ambitious target to achieve 70% local content in the oil and gas sector by 2027.
“Our success story in the oil and gas industry has led to bold step to extend local content to other sectors of the Nigerian economy. As a caring African country, we have also considered it necessary to amplify the benefits of local content to our fellow African countries and that is the essence of the African Local Content Roundtable.”
Also Speaking during the opening ceremony, Engr Simbi Wabote who is the executive Secretary of Nigerian Content Development Monitoring Board (NCDMB) said Africa need to start discussion on how they can use their Hydrocarbon resources to migrate into a renewable energy.
According to Wabote, NCDMB as the leading in the development of local content in the Oil and Gas sector decided to bring all African oil producers together for them to start the discussion. Saying sustainability and continue growth to tackle poverty situation in the continent to bring about energy sustainability for the people.
He said, ” I think its time for African to begin to come together on how to use their resources to migrate into a renewable one. The discussion is about climate change which we believe is somehow renewable and that has become topic all over the world”.
Speaking further said, with the threat of the climate change, what it portend for Africa is that very soon the natural resources that the continent has not even tapped will not be useful anymore. “Therefore we need to start the discussion on how we can use our hydrocarbons resources to migrate into a renewable energy. That is very important to us”.
Engr Wabote said why the local content roundtable is symbolic is because in Africa continent and the World, everybody knows that Nigeria is leading in local content when it comes to oil and gas sector.
“We have so many African countries that have come to jaw-jaw with us to learn the strategy on how to develop local content in the hydrocarbon sector. For us we feel we are the leader in that sector, we need to bring other African countries together in other to develop the local content since for them they are just discovering hydrocarbon resources and the discussion is how to migrate into energy”.
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